Stock markets: Equity benchmark indices Sensex and Nifty climbed in early trade on Wednesday amid firm global market trends and continuous foreign fund inflows. Also, heavy buying in ITC added to the overall positive momentum in the equity market.
The 30-share BSE Sensex climbed 384.79 points to 74,052.75 in early trade. The Nifty advanced 111.05 points to 22,446.75. From the Sensex pack, ITC jumped the most by over 6 per cent. British multinational BAT PLC on Tuesday said it plans to sell up to 3.5 per cent stake in India's ITC Ltd to institutional investors through a block trade.
Wipro, Nestle, ICICI Bank, Tata Consultancy Services, HCL Technologies, HDFC Bank, Infosys, and Kotak Mahindra Bank were among the other major gainers from the 30-share pack. Power Grid, NTPC, Tata Steel, and Axis Bank were among the laggards. In Asian markets, Seoul and Hong Kong traded in the green, while Tokyo and Shanghai quoted lower.
Rupee against dollar
Meanwhile, the rupee depreciated 5 paise to 82.85 against the US dollar in early trade on Wednesday, as the strength of the American currency in the international market and elevated crude oil prices dented investors' sentiment.
Forex traders said the rupee is expected to trade with a slight negative bias on recovery in the greenback and concerns over elevated crude oil prices. However, a positive tone in domestic markets may support the rupee at lower levels. At the interbank foreign exchange, the rupee opened at 82.82 against the dollar and touched an early low of 82.85 against the greenback.
(With PTI inputs)
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